Reconciling bank accounts

Alerts and notices
Leave feedback

Internal Employees: Submit feedback

Contact information (optional):

Leave this blank:

Please tell us how we can make this information more helpful.


Characters left:

You can reconcile the client bank accounts using the Reconcile Bank Accounts screen.

  1. Choose Actions > Reconcile Bank Accounts.
  2. The Reconciliations list at the top of the screen includes all current, finalized, and pending reconciliations (denoted by status icons). You can filter the list of reconciliations or search for a specific reconciliation.

    Note: Only those bank accounts for which a GL account was selected in the Main tab of the Setup > Bank Accounts screen will be listed in the Reconciliations list and be available for bank account reconciliations.

  3. Select the account to reconcile, either by choosing it in the Reconciliations list or by selecting it in the Account section of the General Information tab.
  4. Enter the applicable information (statement beginning and ending dates, beginning and ending balances, deposits & additions, and checks & payments) from your paper statement in the General Information tab. This information will be used to reconcile the transactions in the application to the bank statement.
  5. If your financial institution allows you to download bank statements in one of the supported file formats (OFX, QFX, QIF, or BAI2), use the Bank Statement Import tab to import transactions from the bank statement.
  6. Use the Deposits & Additions tab, the Checks & Payments tab, and the Direct Deposit tab to view and/or clear credits, debits, and direct deposit amounts that appear in those tabs. You can see immediately how clearing the items affects the unreconciled amount at the bottom of the screen in the totals section.

    You can clear (or unclear) a transaction using any of the following methods.

    • Mark the checkbox for the transaction row, or enter an amount in the Clear For column for the transaction. (Deposits & Additions tab and Checks & Payments tab only)
    • Mark the checkbox for the transaction in the Clr column. (Direct Deposit tab only)
    • Select the transaction and then press the SPACE bar on your keyboard.
    • Choose a clear / unclear command from the Edit menu.
      • Clear
      • Clear All
      • Clear All Grouped
      • Unclear
      • Unclear All
      • Unclear All Grouped
      • Clear Ranges of Checks (from the Checks & Payments tab only)
  7. If your client needs to make adjustments to any of their bank accounts, click the Client Adjustment Transmittal tab. In this tab, enter a description and amount for the adjustment. You can include this information in the Bank Account Reconciliation Transmittal report, and then send the report to your client.
  8. In the Account Summary tab, view the balances and differences in the reconciliation. Click the Adjustment button to make an adjusting entry for the unreconciled amount, if necessary. You can also export adjustments to an XML file by clicking
  9. Use the Edit menu to open various other dialogs to assist in the reconciliation. Depending on which tab is active, the following dialogs may be available.
  10. Use the Reconciliation Analysis tab to look in the Notes section for suggestions on how to balance the reconciliation. You can print this information by choosing Print Notes from the right-click context menu.
  11. When the unreconciled amount for the bank account is zero, click the Finalize button to finalize the bank reconciliation for this account.

Notes

  • Before you can close the reconciliation or move to another screen, you must click the Finish Later, Finalize, or Cancel button.
  • If you find that you need to edit a reconciliation that has already been finalized, highlight it in the Reconciliations list and choose Edit > Unfinalize Reconciliation. This will change the reconciliation status to Pending for the selected reconciliation and any reconciliations completed after the newly unfinalized statement. After you make the necessary corrections, be sure to finalize the statement and all subsequent pending reconciliations.

Top of page

Related topics

Bank account reconciliation workflow

Bank account reconciliation overview

Clearing transactions during bank account reconciliation

Potential reasons that certain transactions are not available to be modified

Share This